ASIC calls out super ‘leaders and laggards’

ASIC commissioner Simone Constant has told super trustees more needs to be done to meet obligations under the Retirement Income Covenant.

- Eliza Bavin

"We are three years into the Retirement Income Covenant now. Three years since trustees have been obliged by law to assist members with their retirement,” Constant said.

“And while we are seeing some green shoots... it's clear there are leaders and laggards. Some trustees are hitting the straights, and others are still on the starting blocks.”

Constant said one in five trustees still cannot track the success of assistance to members in balancing the objectives of the Retirement Income Covenant.

"We know change takes time. We know retirement is easy on paper, but hard in practice,” Constant said.